Home Loan Banks: Kotak Bank

The added advantages of applying for a home loan from Kotak Bank are minimal documentation, quick loan procedure, expert advice related to the various queries of the customers, minimal processing fees and nil prepayment charges.

Kotak Bank Home Loan Interest Rate in Bangalore

Base Interest Rate 7.99% to 8.60%
Maximum Tenure 20 years
Processing Fee Up to 0.50% of the loan amount or ₹ 5,000 whichever is higher, plus
applicable taxes.
Prepayment and Foreclosure
Charges Allowed and no charges for floating rate loans
Age Limit Min 18 years and Max 65 years

Kotak Bank Home Loan Checklist in Bangalore

KYC Documents

 

  • Age Proof – Pan card
  • Residential address proof – Aadhar/ Passport
  • One passport size photograph

 
Income Documents and Bank Statement

 

For Self-employed – for both applicant and co-applicant

  • Latest 3 years income tax returns, personal and business along with computation of income.
  • Latest 3 years profit and loss accounts and balance sheet with schedules duly certified by a chartered accountant

For Salaried – for both applicant and co-applicant

  • Last 3 month's salary slips
  • Form 16 of latest 1 assessment year
Additional documents required in case of Balance Transfer of Home Loan

 

  • Existing Loan repayment track record (RTR)
  • In case of Balance Transfer – Sanction letter
  • LOD (List Of Document) from existing bank

 
Property documents

 

  • Sale Deed
  • Mother Deed
  • EC (past 15 years)
  • Khata and Khata Extract
  • Latest tax paid receipt

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      Home Loan - EMI Calculator

      Why choose Kotak Bank Housing Loan

      Kotak Mahindra Bank can bring you one step closer to your dream. Home loans have emerged as one of the most popular financing options for purchasing a property. Furthermore, with the advent of digitization, availing a home loan has become a hassle-free process. Kotak Mahindra Bank offers home loans for you that will make your home-buying experience seamless as well as pleasurable.

      Benefits of taking Kotak bank housing loan

      When you opt for a Home Loan, you can enjoy the following benefits:

      • Taxation: A Home Loan allows you to claim income tax deductions on the interest and principal amount due. Under the Income Tax Act, 1961, as per Section 80C, you can claim up to INR 1.5 lakh on principal repayments, and up to INR 2 lakh on interest repayments under Section 24B. You can avail of other tax benefits via a Home Loan, as well.
      • Interest Rate: When compared to the various kinds of loans available, the interest rate on a Home Loan is relatively lower. Plus, in case of a cash crunch, you can also apply for a Top-Up Loan in addition to the existing Home Loan.
      • Due Diligence: When you apply for a Home Loan, banks check the property from a legal standpoint and ensure that the documents are valid and the title is clear. This step can prevent you from being scammed and passing this due diligence can validate your property.

      Different types of loan provided by Kotak bank

      Home Purchase Loans
      Kotak bank offer housing loans to potential home-buyers to buy property. The amount is transferred from the bank to the builder or seller directly. These include loans for:

      • Purchase of a new apartment, row house or bungalow from a developer or a development authority.
      • Purchase of resale properties.
      • Purchase a ready to move or under-construction property.

      Home Improvement Loan
      A home is a reflection of its owner. Now you can enhance your home and make renovating your home as memorable and enjoyable as home buying, by availing Kotak bank Home Improvement Loan.

      Home Construction Loans
      A Home Construction Loan is a type of Home Loan where you can get a loan for building your own home instead of purchasing a flat or apartment. You get the loan amount in various instalments based on the progress of the construction of the house. Typically, lenders monitor the progress and disburse the next instalments only when the previous construction phase is completed.

      Bridge Loans
      Bridge loans are for people who want to buy a new house but do not have buyers for their old house yet. Bridge loans are short-term loans that are available for two years. To avail a bridge loan, you need to keep the new property as a mortgage with the lender and find a buyer for the existing house within a stipulated time. If you fail to do so, the lender could consider it as a loan against property and charge a higher interest rate.

      House Conversion Loan
      A house conversion loan can be helpful when you already have purchased a house on a home loan but want to buy a new house. When you avail a home conversion loan, the previous loan is transferred to the new house. You can buy another house without the need to repay the previous home loan.

      Kotak bank – Top up loans

      With regards to home loan, a top-up Loan is a financial assistance provided by banks or housing finance companies above your existing home loan. The purpose of a top-up loan is to assist you in fulfilling your financial requirements like, Renovating / refurbishing your house, upgrading your house and other purposes.

      Kotak bank balance transfer of existing loan at lower interest rate

      The home loan balance transfer process at Kotak Mahindra Bank is simple and easy. It is designed specifically to make it convenient for you to transfer your outstanding loan amount from your current lender, without any hassle.

      Balance Transfer Benefits

      • Home loan approval in 4 simple steps.
      • Customized Repayment Options
      • Tailor-made home loans to suit your requirements.
      • Easy documentation
      • Apply with minimal documents, save time and effort.
      • 24×7 assistance
      • Connect with us on Chat, WhatsApp anytime, anywhere
      • Online loan account
      • Login to your account to conveniently manage your loan

      Kotak bank – NRI Home Loans

      NRIs can avail a home loan in India to buy a ready-to-move-in house and a property under construction. They can also take a loan for constructing a house or for purchasing a plot of land.

      • Loans to NRIs, PIOs and OCIs* for the purchase of a flat, row house, bungalow from private developers in approved projects in India
      • Loans for the purchase of properties from Development Authorities such as DDA, MHADA etc.
      • Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority in India
      • Loans for purchase of properties in an existing Co-operative Housing Society or Apartment Owners’ Association or Development Authorities settlements or privately built up homes
      • Attractive interest rates
      • Avail of Home Loan Advisory Services in the country where you currently reside
      • Property Search Advisory Services – expert legal and technical counselling to help you make the right home buying decision
      • Valuable insights on developer projects, location, documentation and offerings
      • Loan for purchase of property located anywhere in India**
      • Loans also available for those employed in the Merchant Navy

      Kotak bank housing loan FAQ’s